11,535 Shares in Applied Digital Corporation $APLD Bought by Kovack Advisors Inc.

Kovack Advisors Inc. bought a new stake in Applied Digital Corporation (NASDAQ:APLD) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 11,535 shares of the company’s stock, valued at approximately $116,000.

A number of other institutional investors have also modified their holdings of APLD. PNC Financial Services Group Inc. acquired a new position in Applied Digital in the 1st quarter valued at about $28,000. Geneos Wealth Management Inc. increased its holdings in shares of Applied Digital by 113.3% in the first quarter. Geneos Wealth Management Inc. now owns 6,667 shares of the company’s stock valued at $37,000 after purchasing an additional 3,542 shares during the period. Ameriflex Group Inc. acquired a new position in shares of Applied Digital in the second quarter valued at approximately $42,000. CWM LLC increased its stake in Applied Digital by 116.5% in the 1st quarter. CWM LLC now owns 9,506 shares of the company’s stock valued at $53,000 after buying an additional 5,116 shares during the period. Finally, Semus Wealth Partners LLC acquired a new position in Applied Digital in the 1st quarter valued at $56,000. 65.67% of the stock is owned by institutional investors and hedge funds.

Applied Digital Stock Down 5.2%

Applied Digital stock opened at $32.87 on Tuesday. The firm has a market capitalization of $9.19 billion, a price-to-earnings ratio of -29.09 and a beta of 6.77. Applied Digital Corporation has a fifty-two week low of $3.31 and a fifty-two week high of $40.20. The stock’s fifty day moving average is $25.10 and its two-hundred day moving average is $15.21. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.65 and a current ratio of 0.65.

Applied Digital (NASDAQ:APLD) last issued its quarterly earnings data on Thursday, October 9th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.08. The firm had revenue of $38.01 million for the quarter, compared to analysts’ expectations of $52.25 million. Applied Digital had a negative net margin of 111.29% and a negative return on equity of 37.14%. The firm’s revenue was up 84.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.15) EPS. Analysts predict that Applied Digital Corporation will post -0.96 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have issued reports on APLD. B. Riley reiterated a “buy” rating on shares of Applied Digital in a research report on Wednesday, October 22nd. HC Wainwright upped their price objective on Applied Digital from $20.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, October 10th. Craig Hallum upped their price target on shares of Applied Digital to $39.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Northland Securities upped their price target on shares of Applied Digital to $40.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Applied Digital in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $26.20.

Insiders Place Their Bets

In other news, Director Ella G. Benson sold 42,569 shares of the stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $35.30, for a total value of $1,502,685.70. Following the sale, the director directly owned 69,256 shares in the company, valued at $2,444,736.80. This represents a 38.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rachel H. Lee sold 24,213 shares of the stock in a transaction on Friday, October 24th. The shares were sold at an average price of $33.20, for a total value of $803,871.60. Following the sale, the director owned 59,400 shares in the company, valued at approximately $1,972,080. This trade represents a 28.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 834,285 shares of company stock valued at $19,090,154. Corporate insiders own 9.50% of the company’s stock.

Applied Digital Profile

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.